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Title: Empirical investigations into the relationships between ageing, human capital, labour supply and economic growth in Korea
Author: Park, Kwang
ISNI:       0000 0004 2703 442X
Awarding Body: The University of Birmingham
Current Institution: University of Birmingham
Date of Award: 2009
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This thesis presents three empirical analyses related to the influence of ageing on the Korean economy. We start from the suggestion that growing concerns over ageing can be alleviated by an increase in human capital investment in tandem with ageing. Those concerns are reviewed by consideration of the various links between ageing and economic variables, such as saving rates, labour supply and productivity growth. The focus is then centred on the labour force participation of the retired and its empirical determinants. Our findings support a pervasive pessimistic view in Korea that future ageing might be a considerable demographic burden, leading to economic slowdown unless it is countered by active policy measures. In a VAR framework, the past ageing through a decline in fertility and the corresponding reduced youth dependency was found to promote economic growth by accelerating human capital investment in Korea. That finding is confirmed by 3SLS estimations. However, those estimations suggest that an increase in elderly people would be detrimental to the quality and quantity of the labour force through spill-over mechanisms. Higher expense of education was shown to discourage the demand for children. Panel probit estimations, using data from the Korean Labour and Income Panel Study, showed that health status is a decisive factor in the labour supply of the retired in Korea. Having a working spouse increased the probability that a retired person will be in work, possibly reflecting that the retired, residing in rural areas, may be employed with their spouses in the agricultural sector.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available